defensecuts.in fact, both sides have gone out of their way to say they shouldn't happen. but if there's no deal, they may happen anyway. in today's "deep dive" how the sequester could impact our military, our economy, and our safety. the budget control act calls for about a trillion dollars in automatic cuts to begin in january if laes no deal. half would come from domestic spending. we'll dig deeper into that. today spes cifically about the half that comes from security and defense. the cuts on that side amount to $492 billion over the next ten years but they aren't across the board. the president has promised to exempt military personnel and veterans affairs. let me start this here. here is the $492. that, by the way, this $492 billion is on top of another $450 billion cuts the d.o.d. was planning to make to cut waste and trim unnecessary programs. it's prompted mrenting of hand wringing on both sides. >> we can't afford another $500 billion in cuts in our defense budget on top of the $500 billion in cuts that the president is already making. >> the sequester destroys the united sta

ofdefenseandspending cuts will be automatically enacted. excuse me, that fiscal cough i told you about. the alternative minimum tax kicks in and put it all together and the results are pretty. the economy would contract by half a percent in 2013. unemployment would raise to 9.1% and the economy would experience what cbo said would be judged as a recession. but after that, then things start to look pretty good. the cbo says after next year by the agency's estimates economic growth will pick up. the labor market will strengthen returning output to its potential level. 5.5% by 2018. essentially if no deal is struck, the federal government would be forced to do what it's refused to do willingly, make dramatic changes in taxes and spending. if those changes happen automatically, the cbo estimates it would have a positive long-term impact. by comparison, it says current law is kept in place, output and income would be lower down the road. so here is another way to look at it. fast forward to budget projections. keeping tax cuts in place, extending most tax provisions and putting off spending